W. R. Carpenter & Co.

Dividend of 8 PerCent.

Maintained.

W.R. Carpenter & Co., Ltd.

in its annual report just issued shows a net profit of £33,631 for the year ended June 30, compared with £37,712 for the previous year.

The dividend is maintained at 8 per cent., and requires £24,133. A transfer of £10,000 is again made to reserve, and £1,842 is carried forward, compared with £2,344 brought forward.

The directors state that ample pro vision has been made for contingencies and depreciation, and for bad and doubtful debts. Gross profit, at £43,568, shows a decrease of £10,597.

The balance sheet figures may be thus summarised:

There is again an increase in the cash holding, which at £58,577 is larger by £13,117. On the liability side, credi tors are higher by £881. Reserve ac count shows an increase of £90,000, but the directors explain that branch re serves have been incorporated in head office accounts and disclosed. Replace ment and renewal reserve is higher by £9,000. Investments have increased by £2,544, shipping property by £6,593, and branch balances by £76,870. Debtors are lower by £2,719, and stock by £224.

The directors state that the market for copra and other island products fluctuated considerably at low levels during the year, but that, by judicious selling, full advantage was taken of the prices available. Merchandise and trad ing activities showed an improvement which they expect to continue. A copra store has been purchased in Madang, and a new store erected at Wau, where business expansion warranted better facilities.

During the year the company paid off all instalments due on properties bought from the Expropriation Board.

Year ended June 30. 1930. 1931. 1932.

Net profit £40.180 £37,712 £33,631 Div., 8 p.c 23,866 24,133 24,133 To reserve 23,000 10.000 10,000 To endowment fund . . — To repairs and replace ment 3,000 Forward 1,765 2,344 1,842 Gross profit 55,707 54,165 43,568

Liabilities—

Capital 301,666 301,666 301,666 Reserve 75,000 100,000 190,000 Replacement reserve 7,000 7,000 16,000 Creditors 9,654 7,333 8,214 Ventures in abeyance.. — —.

Assets —

Investments 115,002 118,113 120,657 property ... 18,532 16,075 22,668 Branch balances 269,826 248,829 325,699 Debtors 11,039 12,196 9,477 Stock 3,400 1,237 1,013 Cash 12,844 45,460 58,577 Ventures in abeyance . . 24 748 1,182